revelationtrading
Long

Oil a buying opportunity in the making ?

FX:USOIL   CFDs on Crude Oil (WTI)
Oil made a new high at 76.90 before making a 3 day correction. For oil bulls' who trade on the weekly time frame, oil has just broken a weekly range at 75.29, which certainly bodes more upside for them.
As for day traders who have missed the up move, this retracement could be a buying opportunity to join in the party.
Revelation Trading has identified 2 actionable areas at 74.40 and 72.80 which is of interest to us as our road map.
Should the oil continues with the up-move, it is recommended to review one's trade ideas on Usdcad and Cadjpy since they are somewhat correlated.
Oct 09
Trade active: Longed at 74.70
Oct 10
Trade closed: stop reached
74.90, it passed the green line.. in my oppinion its a buy sign, youre oppinion sir? Thank you for youre analyssis
Reply
@jdani, Yes I am with you :)
+1 Reply
jdani revelationtrading
@revelationtrading, Thank you sir!
Reply
jdani revelationtrading
@revelationtrading, Sir, any advice/ youre oppinion on what to do now? Its been a hard drop.Thank you.
Reply
@jdani, My stop loss is at 72.80. If price breaks below, it means the long setup has failed.
+1 Reply
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